[7.4 Morning Meeting Minutes] Affected by the general rise in non-ferrous metals and the rebound from oversold conditions, LME nickel prices rebounded. Overall, the immediate production cost of nickel salts has increased. Supply side, some nickel salt smelters halted production for maintenance due to losses, while others maintained stable quotes. Demand side, precursor plants have seen a decrease in inquiry enthusiasm due to weak demand. This week, market transaction and inquiry activity remained at a low level.

Downstream inventory is relatively sufficient, and transactions in the nickel salt market are sluggish.

As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) ranges from 83.5% to 84%, and the FOB price of Indonesian MHP is $12,491/mt Ni.

On July 3, the SMM battery-grade nickel sulphate index price was 27,194 yuan/mt, with the quotation range for battery-grade nickel sulphate being 27,200-27,600 yuan/mt, and the average price remained stable compared to yesterday.

[SMM Daily Review: Nickel Pig Iron Fundamentals Under Pressure, Transactions Sluggish; Market Prices Remain Weak in the Short Term] On July 3, the average price of SMM 8-12% high-grade NPI was 908.5 yuan/mtu (ex-factory, tax included), down 1.5 yuan/mtu from the previous working day...

SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.